66 A TREATISE ON MONEY bk. h

and shares, and so forth. Further, in addition tothese partial but more or less generalised price-levels,there are also a number of subsidiary price-levels,useful for particular purposes or as component partsin building up the more generalised price-levels.Amongst the most valuable of these for practical pur-poses are those which are now being compiled withincreasing accuracy and completeness for particulartrades and services; as, for example, the indexes ofsea-freights, of railway charges, of cotton textiles, ofwoollen textiles, of building materials, of iron and steelgoods, of chemicals, of electric power, of cereals, ofpoultry and dairy produce, and so forth. It may beby the appropriate combination of sub-indexes of thistype that there will be built up the ConsumptionStandard of the future for the measurement of GeneralPurchasing Power, rather than by combining, as Mr.Snyder has done in default of better material, otherexisting indexes of a more general type, such as theWholesale Index and the Wages Index.

Amongst the standards other than the Consump-tion Standard dealt with in Chapter 4, and the Cur-rency Standards which we shall treat in Chapter 6,two stand out as being of sufficient importance todeserve separate mention, namely :

(i.) The Wholesale Standard ; and

(ii.) The International Standard.

(i.) The Wholesale Standard

This price-level is made up of the prices of basiccommodities at wholesale. Sometimes they aredivided into the two groups, foods and materials ;sometimes into the groups, agricultural and non-agricultural. It is based, almost entirely, on theprices of raw materials, in various stages of completion,either of manufacture or position, on their journeythrough the productive process to the consumer ; that